Welcome to this week's
Finance Fridays. Last week we asked the question, "What would you save in a fire?" It seems most us are more
concerned about getting our families and pets out of the house than
saving possessions. I think though a few of us would dive back in to
grab some precious photographs. For this week we are looking at the
quick house sale market.
I have only sold one house
and that was in the first week it went on the market. It was to the
only viewer and he offered cash for the asking price (his daughter
was coming back from the US.). We know we were lucky to sell so
quickly but not everyone can achieve such a quick sale. Another
consideration is that even when you do accept an offer the potential
buyer can pull out at any time and it can take months to go through
all the surveys and financial paperwork.
There are many reasons why
you may need to sell your house quickly. Traditionally the quick
house sale was only popular with people trying to stave off
repossession. Now the market has expanded and has become a convenient
method of achieving a house sale in a short period of time. If you
are moving across or out of the country for work you probably won't
have time to hang around to sell your house through an estate agent.
You may have also seen your dream home locally but know the only way
you are going to secure it is by selling yours quickly. If
you're looking into selling your home quickly take some tips from
this week's guest post
“While you have probably
heard of the quick house sale market, if you are like the majority of
UK residents you will probably misunderstand the nature and scope of
this sector. Much of this is to do with stereotypical misconceptions,
which taint our view of the market as a whole and force us to
evaluate it from a narrow and restrictive perspective.
Historically, the quick
house sale market and trailblazing firms such as propertyrescue.co.uk
were only considered as a last resort for home-owners. Having risen
from the ashes of the great recession to offer a cash buying service
to stricken home-owners, these outlets helped individuals to avoid
repossession and recoup as much of their initial investment as
possible.
The market has evolved
considerably since this time, however, helping it to thrive and grow
even as the economy has recovered.
Two significant things have
happened during this time to empower the quick house sale sector.
Firstly, it is has benefitted from more stringent regulatory
measures, as reputable firms have been certified and bound-over to
follow a specific code of conduct while rogue traders have been
forced out of the market. Secondary to this we have seen the market
reach out to a wider demographic of vendors, as the economy has
improved and the amount of repossessions has declined.
So which type of customer is
the most likely to use this service in the modern age? Home-owners
who are required to relocate for work provide a relevant example, as
they often have to complete a quick sale in order to free their
capital and invest in a new property further afield. The quick house
sale market has also appealed to small-scale house-flippers and
investors in the UK, as it provides something a buffer and enables
individuals to conclude a high volume of sales over a prolonged
period of time.
There is another compelling
argument that has underpinned the popularity of the quick house sale
market in recent times, and this is the inflated level of value that
exists in UK real estate. With prices having grown exponentially
during 2015, there is a window of opportunity to partner with quick
house sale services without compromising on profitability.
This is an interesting
consideration, as while quick house sale firms offer huge advantages
to home-owners they also tend to pay below market value in order to
optimise their property. This is usually around 75% to 80% of the
properties total value, however, and given that some regions saw
annual growth in the regions of 20% last year this means that you can
still sell your home quickly and for a profit in 2016.”
If
you want to join in with this week's Finance Fridays then add your
link to the linky below. Any post concerning financial matters is
allowed. Full details here. It doesn't have to be published today as
you have until 23.55 on Tuesday 29th
March 2016 to join in. Grab my badge below for your blog post.
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I'm going to pass this on to my parents as they are thinking of selling their house so this will d very helpful for them x
ReplyDeleteI can certainly imagine circumstances where this would be very useful! I hadnt heard of it before so thanks for the info.
ReplyDeleteI can imagine a quick sale could be very useful, especially if you want to buy another house you've seen and have to move quickly.
ReplyDeleteNot sure we could afford to take the hit but useful for some
ReplyDeleteSelling and buying houses is so stressful, I said after the last time "never again"!
ReplyDeleteWe rent so not something of use to us but can see if being helpful for those who need to get out quick!
ReplyDeleteI can see that in some situations this would be a good route to take for some people. I hadn't heard of these types of house sales before so this was useful for me
ReplyDeleteThe thought of selling and buying fills me with dread - I do know someone who wants to sell this year so will pass this on, thank you. Kaz x
ReplyDelete